World's largest vivid pink diamond up for auction, could fetch $38 million

The 14.83-carat diamond, named "The Spirit of the Rose," is the largest vivid purple-pink diamond ever offered at auction and it is estimated to be worth USD 23-38 million, according to Forbes.

The Gemological Institute of America graded the diamond with the highest color and clarity and classified it as a Type IIa diamond, which is the purest of all diamond crystals. This classification is usually attributed to less than 2 percent of all gem-quality diamonds.

"This sale is the result of a long time relationship between Alrosa and Sotheby's, several months of discussion about this masterpiece and the best way to offer it for sale," Benoit Repellin, director, specialist and head of Magnificent Jewels sales for Sotheby's Jewellery Department, said, as quoted by the media outlet.

This oval-shaped gem was created from a 27.85-carat clear pink rough diamond discovered in Russia's northeastern Sakha Republic in a mine owned by Russian mining giant Alrosa, the publication said. The diamond was named after the Russian ballet "The Spirit of the Rose," staged and produced by Sergei Diaghilev and premiered on April 19, 1911.